Basing your business on anecdotes is like buying lottery tickets!

Real Estate Broker/Owner with Richard Weisser Realty

Basing your business practices on anecdotes is like buying lottery tickets by Richard WeisserToo often I read about some miraculous result based on an unorthodox premise that is purporting to go against the grain of conventional wisdom.

But the wise reader is cautious and takes such anecdotes with a grain of salt.

Because there is no cut and dry pattern of human behavior, one cannot expect any particular result. But if the same scenario has been played over time and time again and one can measure results, one can at the very least, have a statistical basis for decision making purposes.

Here are some examples of what I am trying to say:

“I bought a hundred dollars worth of lottery tickets and won a million buck so you should too!”

It is obvious that this anecdote has no basis in statistical fact. Very few people win a million dollars. If you want to know the exact number, read the lottery ticket. The odds are stacked way against you.

Here’s one I really heard one time:

“I never wear a seatbelt because my friend was in accident once and was thrown from the car and the officer that investigated the accident told her she probably would have died if she were wearing her seatbelt.”

Once again, this was statically akin to winning the lottery but the conclusion that wearing a seatbelt is MORE dangerous than not wearing one is based on an anecdote and not on fact.

Where am I going with this?

In real estate, there are many times when an anomaly occurs and we are pleasantly surprised at the result. However, if the same situation occurred one hundred times the results might be positive in only a handful of situations.

I would NEVER, and I mean NEVER base my business practices on the anecdotes of others.

I don’t play the lottery either. I save the money instead.


If that makes me lazy or stupid, then so be it!

Comments (5)

David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Hey Richard I like it! Now on that note I dont wear a seatbelt so forgive me but I agree with you on the rest playing your life or business to chance is a fools game!

Nov 14, 2014 02:04 AM
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

Basing your business on off the cuff ideas will send you packing in the long run.

Nov 14, 2014 04:56 AM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty

Hard work and consistency is what it all boils down to. All the gimmicks in the world won't have better results than those two things. 

Nov 14, 2014 06:22 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

The odds of winning the lottery are less than the odds of getting struck by lightning.

Nov 14, 2014 11:47 AM
Vern Eaton
Askov, MN
Realtor 651-674-7449

There are way to many people who opperate this way.  Of course that is why I got the business and they didn't.

Nov 20, 2014 12:43 AM